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Ed Whitacre

Considering where the iconic carmaker has been in recent years, the pending IPO -- and robust investor demand for shares -- is a remarkably positive step. But GM still has plenty of problem spots that will need fixing if this historic event is to have lasting meaning.

It's not unusual for a departing chief exec to maintain some involvement with the corporation he or she led, usually by holding onto or taking a position on the company's board of directors.
That can be a bad idea. Consider GM's Ed Whitacre.

The federal government's controversial decision to step in and save General Motors from insolvency was the right thing to do, the automaker's new Chief Executive Daniel Akerson said Thursday in Detroit.

GM reported Wednesday that sales fell 25% in August as the U.S. economic recovery appeared to stall and cautious consumers held back on buying cars. But despite the downturn, GM officials said they remain upbeat that the hard-hit auto industry will continue to improve in the months ahead.

Akerson will need to convince shareholders that GM, which is only a year out of bankruptcy and has posted just two profitable quarters, is a worthy investment. He'll also have to make sure the carmaker's dramatic turnaround is built to last.

During GM's earnings call, Whitacre announced that he'll step down next month as CEO of the country's largest automaker. Daniel Akerson, a GM board member and former chief exec at privately held XO Communications, will assume the top role.

The latest rumors have been that GM would file an S-1 with the Securities and Exchange Commission as a preparation for an IPO. And it could be that the company is looking to raise $12 billion to $16 billion.

Three months after turning profitable since its bankruptcy, GM CEO Ed Whitacre is expected to report it made even bigger profits -- perhaps in excess of $1 billion -- during the second quarter when it releases its latest results on Thursday.

After a year-long search, General Motors finally found a buyer for Saab in Spyker Cars, a Dutch sports-car maker. The offer comprises $74 million in cash and $326 million in preferred shares. Saab workers and customers finally have a strong reason to be hopeful.